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Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Unbilled Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

Information about unbilled receivables, contract assets and contract liabilities from contracts with customers is as follows

(in millions):

		September 30, 2022				December 31, 2021
Unbilled receivables		$	1,052.9			$	730.0
Deferred contract costs			86.3				129.7
Deferred revenue			587.8				579.6

Summary of Changes in Deferred Revenue Balances

Significant changes in the deferred revenue balances, which include foreign currency translation adjustments, during the period are as follows (in millions):

						Risk
		Brokerage				Management				Total
Deferred revenue at December 31, 2021		$	395.9			$	183.7			$	579.6
Incremental deferred revenue			335.3				74.8				410.1
Revenue recognized during the nine-month period ended   September 30, 2022 included in deferred revenue at December 31, 2021			(300.1	)			(78.0	)			(378.1	)
Net change in collected billings/deposits received from customers			5.7				(7.1	)			(1.4	)
Impact of change in foreign exchange rates			(27.4	)			(0.1	)			(27.5	)
Deferred revenue recognized from business acquisitions			5.1				—				5.1
Deferred revenue at September 30, 2022		$	414.5			$	173.3			$	587.8

Summary of Expected Revenue Related to Performance Obligations

The estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period is as follows (in millions):

		Brokerage				Risk Management				Total
2022 (remaining three months)		$	249.8			$	71.1			$	320.9
2023			150.1				47.7				197.8
2024			11.5				22.9				34.4
2025			1.5				12.4				13.9
2026			0.8				7.7				8.5
Thereafter			0.8				11.5				12.3
Total		$	414.5			$	173.3			$	587.8

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- Definition

Contract with customer, liability

+ References

No definition available.

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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

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- References

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X

- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

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